How to get Higher Rent from your House
How to get higher rent? Is it possible? Yes, it is possible!!
Due to COVID-19 pandemic, many salaried individuals and students gave up their rented houses and went back home to stay with their families.
As a result, the rental market nosedived, but things have started improving. However, property owners who have faced salary cuts or job losses and are banking on rent for cash flows may still have a tough road ahead.
Provide more facilities
Providing a few extra facilities could get you better rent. Look at making the house more conducive to WFH [Working from Home] by adding additional facilities like a working desk and internet back-up.
Change with the times.
Charge Lower Deposit
One way to get higher rent is by charging a smaller deposit. In cities like Mumbai and Chennai, the deposit rates are up to six months of the monthly rent. However, if you temper your expectations and are flexible at a time when several people are facing a cash crunch, you may find more takers.
Shoot a Video of your Property
Adapt to social distancing norms and newer technology. “We have seen that tenants are now demanding video walk-throughs. They are shortlisting properties based on the videos.”
Know the Demand
WFH requirements have changed the market slightly. Many realized that a smaller house is not conducive to WFH, especially where both spouses are working. Many, therefore, want to shift to a bigger house.
Keep Multiple Tenants
Students who earlier stayed at paying guest accommodations will now be looking to rent a house to maintain social distancing. But due to budget constraints, they may like keeping a room to themselves instead of renting out the entire home.
While you may get higher rent, you may also need to spend on furnishing. Investments on interiors, furniture and so on help make the property more attractive for tenants, who may then be willing to shell out more rent.
Rental difference between semi-furnished and fully furnished houses can be 10-20%.
Difference between Semi-Furnished & Fully Furnised
Rent to Co-Living firms
If you have an independent property, you can let it out to a company that facilitates co-living. Such firms take an entire property on a long lease. They manage the property and find the tenants.
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